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Old 29th July 2008, 19:12   #46
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Originally Posted by PAVAN KADAM View Post
The word DSA means Direct Sales Associate.

Then why do you go to a dealer to buy your car, knock at the Manufacturer's door.

This is purely mudslinging guys, the same way a Software Engineer works as per his companies rules and regulations a DSA also works in tandem with the Banks policies.
Its tough to find a DSA that works as per bank's policies. At least thats my experience. Its quite common for DSA's to cross sell leads.

Another benefit is, if you deal DIRECTLY with bank, bank does not have to pay commission to DSA and dealer. That ways, you get better rates.
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Old 29th July 2008, 19:16   #47
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I'm okay with red-tapeism and slight delays, but this is cheating.
First time they called they said 15.5% because they knew that there was no written agreement yet. Thats my fault, I admit.
When they realized I am going to cancel loan, as well as lots of other stuff, suddenly the impossible became possible.
It was a deliberate attempt to cheat me.

Now look at the dealer Dada motors. The GM sales has no responsibility or fault in all this. Yet he's told me that a promise is a promise and he would see I don't need to pay 3000 extra. Thats called ethics.

Moreover many people have said that HDFC bank has not done anything wrong with them, and not tried all this with them. Well go for you. Al Capone did not murder any of my relatives, nor did any of my relatives or ancestors become victims of his drug ring. So he was a good man, please don't call him a Don.
HDFC bank tried to cheat me. I don't care if it was the DSA, Delhi office, or whoever. For me its the institution HDFC bank, and I will write about it in anywhere I want.
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Old 29th July 2008, 19:26   #48
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Theek hai tanveer bhai.

hun bohot ho gaya. Go and have your favorite drink everyone, including the teetotallers

All's well that ends well.
PS: I have a good friend's story about how HDFC bank did nonsense around his personal loan (promised one thing, got agreement for another) and that was the branch mind you. What happened later is another story but the fact is that most banks are crooks.
PPS: Which gets me to the story of my friend whose roommate (and introducer if i recall right) ran off with an ICICI personal loan - and ICICI deducted 20k from his salary account. Same story all over again
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Old 29th July 2008, 19:30   #49
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EL, thats absolute bovine crap man! You mean to say that just because no Indian institution is blemish free the customers should stop complaining and letting others know about their sordid story? What kind of a logic is that man?
So tsk had a problem with HDFC, I had a problem with Citibank, you had a problem with whatever bank etc etc etc. so we will not take a loan at all ??
I think the issue here is really how ignorant we are when we deal financially. For everything there is something called a record, if there is none, there is no case. Please have it writing or in mail so that it will be useful for many. This bashing is not going to help anyone.

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First time they called they said 15.5% because they knew that there was no written agreement yet. Thats my fault, I admit.
When we do not do our homework properly, there is no point in blaming al capone now, is there ?
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Old 29th July 2008, 19:32   #50
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HDFC bank tried to cheat me. I don't care if it was the DSA, Delhi office, or whoever. For me its the institution HDFC bank, and I will write about it in anywhere I want.
Thats spot on, most banks take customers for granted. Posts like these make them realize customers have a voice.

Anybody remembers icici thing 3 - 4 years back where they employed ppl to scan net and contact customers. They had screwed up US-> India money transfer big time and faced music cause of that.
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Old 29th July 2008, 19:40   #51
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Originally Posted by esteem_lover View Post
So tsk had a problem with HDFC, I had a problem with Citibank, you had a problem with whatever bank etc etc etc. so we will not take a loan at all ??
I think the issue here is really how ignorant we are when we deal financially. For everything there is something called a record, if there is none, there is no case. Please have it writing or in mail so that it will be useful for many. This bashing is not going to help anyone.



When we do not do our homework properly, there is no point in blaming al capone now, is there ?
EL, whoever said anything about not taking a loan ever again? The only point here is that if an institution tries to cheat you, as a consumer you have the full right to make all the noises and let everyone know about it. If that is called bashing so be it. Let others know that if an institution tries to make a quick buck out of a hapless customer then they will be "bashed".

The part about not having things in writing is the next part of it. When the hapless customer decides to take the legal recourse it is for him to prove his case in the court of law. Written communication is handy, definitely, but not the sole means to prove something. Thats for the customer/advocate to prove and for the courts to decide upon.

So whether Tsk not having a written commitment is an impediment in his taking the legal recourse can not be a deciding factor on his letting others know about what the institution did.

P.S.: If you have not read the posts in sequence then do so now. You will know that Tsk does have a very good ground legally to prove his case although the initial rate of interest was not mentioned in writing to him.
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Old 29th July 2008, 19:54   #52
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Moreover many people have said that HDFC bank has not done anything wrong with them, and not tried all this with them. Well go for you. Al Capone did not murder any of my relatives, nor did any of my relatives or ancestors become victims of his drug ring. So he was a good man, please don't call him a Don.
HDFC bank tried to cheat me. I don't care if it was the DSA, Delhi office, or whoever. For me its the institution HDFC bank, and I will write about it in anywhere I want.
tsk1979, first, glad your problem is solved.

I agree that you did not go through the most straightforward experience with HDFC Bank but that is not a reason to dissuade people from posting good experiences as well, is it?

I, for one, appreciate your posting your experience here because if anything, it helps me be just that little more careful the next time I deal with a financial institution.
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Old 29th July 2008, 20:36   #53
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...I, for one, appreciate your posting your experience here because if anything, it helps me be just that little more careful the next time I deal with a financial institution.
Same here.

Going forward, if I or any one of my known ones are going for a loan (house/car/etc) I will make sure that things are in writing and in proper order before getting committed.

As said in one of the earlier post - make them sell their product (a loan is after all a product offered by the institution!)
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Old 29th July 2008, 21:05   #54
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Hi Guys,

Looking at all this mess gone wrong seems like most of the fancy banks (HDFC, ICICI, Citi, Stan Chart etc) do these games all the time, I've professionally dealt with citi therefore I know what's going on at the back office.

Stick to the relationship type PSU banks, yes they take their sweet time and have different and time consuming procedures BUT - thats it.. that is going to be your single pain point.

In any financial relationship there are pain points like Tanveer's pre approval commitment and post approval reality.

PSU banks are far better in this respect, their pain is upfront and clear. SBI for that matter is far sweeter in all respects.

With the fancy pvt sector banks its more like jhat pat approval and pain later. I know of a certain dealer who told me take it from HDFC Bank or we cannot give you this pricing.

Secondly, if something goes wrong post the disbursal and if you stop paying EMI's or get unwanted cheque bounces, it all goes sideways into your CIBIL report.

Yes, they can state how many days you were Past due date what type of loan you took, was your payment history clean or not etc.

My experience with citi especially gave me the glaring fact of banking - only 15% of open market (broad market) applicants have a clean history despite having a very solid banking record.

On the other hand there are banks like Karnataka bank where my parents bank. Its heaven of banking, they informed us of an important cheque coming in and high value, they even managed to liquidate our FDs due to lack of funds to clear the cheque.

Now that's service no other fancy bank is going to give me despite having a client vendor relationship with them.

At one point in the past we had sued citi for bouncing our company's cheque despite funds in the account. The way they managed an out of court is a very interesting story altogether. Yes, we were pleasantly rewarded for their mistake.

Cheers
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Old 29th July 2008, 23:43   #55
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Originally Posted by esteem_lover View Post
When we do not do our homework properly, there is no point in blaming al capone now, is there ?
Do you realize that you are saying that corporate entities are right in trying to cheat customers as long as they can't be sued for it?
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Old 30th July 2008, 00:04   #56
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No No. I think John's just saying that you have no levers without proof

Mail trail is the name of the game!
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Old 30th July 2008, 07:57   #57
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Originally Posted by tsk1979 View Post
Do you realize that you are saying that corporate entities are right in trying to cheat customers as long as they can't be sued for it?
tsk , i would agree with esteem_lover. Even I have dealt with HDFC bank when I took my first car loan and a personal loan. Was quite ignorant about the after effects and more than happy with the jhat-phat approvals. Only fact is we can become wiser after such a bitter experience. I now approach only PSU banks for any financial service like I went to CanFin for my home loan. Even though it took them quite a while to approve my loan, once approved, things are a lot smoother now. Any changes in loan rates etc, also, they call me and give me sufficient time to give them the additional information required.
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Old 30th July 2008, 11:23   #58
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Originally Posted by esteem_lover View Post
So tsk had a problem with HDFC, I had a problem with Citibank, you had a problem with whatever bank etc etc etc. so we will not take a loan at all ??
I think the issue here is really how ignorant we are when we deal financially.
Two additional considerations:

1. These reviews make us realise that there isn't a private bank that won't try to swindle you, given the opportunity. Thus, more than ever before, the necessary precautions must be taken. Even simple things like taking everything in writing, or calculating the rate of interest manually. You will be amazed to know how many times the actual interest never matches the quoted rate.

2. Look at the frequency of complaints against any particular financer. For instance, ICICI seems to have the most complaints & the worst reputation amongst the privates. To me, that makes ICICI definitely avoidable.
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Old 30th July 2008, 11:52   #59
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Why is there such a policy? All bank should care is whether the applicant can pay EMI or not. Is it a history that Indica owner who bought Safari default on their loan?

How about a personal policy of not approaching banks whose name starts with 'HD' and rule out HDFC?
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Originally Posted by tsk1979 View Post
Buy some weird internal policy Indica guys cannot upgrade to Safari's they have to buy a car for 6 lakhs.

Last edited by diabloo : 30th July 2008 at 11:55.
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Old 30th July 2008, 11:58   #60
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Originally Posted by GTO View Post
2. Look at the frequency of complaints against any particular financer. For instance, ICICI seems to have the most complaints & the worst reputation amongst the privates. To me, that makes ICICI definitely avoidable.
This may be due to that fact that ICICI handles much more volumes than any other bank.
My experiences with ICICI also haven't been too good, they have made many errors. But they had also been quick to accept and correct those.

\N
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